Fingers Furniture / Financing agreement!

My daughter purchased a nice bedroom suite from Fingers with no finance charge for 2 years. She always paid her payment on time, even added more than the minimum payment. She received her bill this month, knowing she was down to about a $300 balance. They suddenly added $2200 to her bill making the balance due of $2500. She has been a Fingers customer for years and always had a 12% interest. Turns out she had a deadline to pay off this furniture, the deadline has just passed so they added all the interest she supposedly had free, and in addition increased the rate to 22%. So she is now paying 22% interest on interest. She paid the balance off in full today. She called the finance company, they could have cared less, told her it was on her bill; of course they know most people do not read that light print on the back of the bill. For those of you anticipating purchasing items under this "No Interest" beware.

My other complaint is that the salesman did not explain this to her at the time of purchase.

Comments

I RECENTLY PURCHASED FURNITURE FROM FINGERS AND THEY USE GE CAPITAL AS THEIR FINANCE CO. I HAD DEFERRED INTEREST FOR A YEAR WITH PAYMENTS REQUIRED. I GOT MY BILL ABOUT A MONTH AFTER MY FURNITURE WAS DELIVERED. EACH MONTH THEY GIVE YOU A "MINIMUM" PAYMENT THAT IS REQUIRED. IT DOESN'T NECESSARILY MEAN THAT YOUR PAYMENTS ARE DIVIDED EQUALLY OVER THE YEAR-IT'S JUST WHAT YOU ARE REQUIRED TO PAY. ANYWAY-IF YOU DON'T PAY IT OFF BY THE DUE DATE THEY CHARGE YOU ALL THE INTEREST THAT WAS "DEFERRED" FOR THE YEAR. IF YOU MISS YOUR PAYMENTS THEY ARE ABLE TO TAKE YOU OFF THE DEFERRED INTEREST PLAN. I DIDN'T SEE ANY FINE PRINT. ITS PART OF MY RECEIPT AND WHAT I SIGNED AND AGREED TO. THE INTEREST IS THE SAME FOR EVERYONE REGARDLESS OF YOUR CREDIT SCORE AND THE LATE FEES ARE OUTRAGEOUS. IF YOU FOLLOW THE PLAN THE WAY IT'S DESIGNED YOU WON'T HAVE ANY PROBLEMS. IF NOT, YOU'RE STUCK WITH ALL THESE EXTRA FEES. I DON'T THINK IT'S THE SALEMAN'S RESPONSIBILITY TO TELL YOU HOW TO PAY YOUR BILL. THAT'S WHY THEY HAVE A CASHIE EXPLAIN IT TO YOU AND YOU HAVE ACCESS TO YOUR ACCOUNT ONLINE OR OVER THE PHONE. THE PLAN WORKS FINE. IT'S JUST HOW WELL YOU USE IT.